The US Dollar is once again facing a mixed outlook against ASEAN currencies. It remains vulnerable against the Singapore Dollar and Thai Baht. USD/IDR and USD/PHP remain more resilient. Get your market update from ddubrovskyFX here:
The US Dollar is trying to hold its ground against the Singapore Dollar after. Follow-through has been noticeably lacking as prices consolidated around the 1.3474 – 1.3502 inflection zone. Positive RSI divergence does show that downside momentum is fading, which can at times precede a turn higher. Still, a bearish ‘Death Cross’ between the 20- and 50-day Simple Moving Averages remain in play. Immediate support seems to be the 61.8% Fibonacci extension at 1.3453.
Clearing this price may open the door to resuming the downtrend towards September lows.The US Dollar is looking increasingly vulnerable to the Thai Baht. USD/THB recently confirmed a breakout under a long-term rising trendline from early 2021. Prices subsequently took out the 32.974 inflection point, exposing the 200-day SMA. The latter could still maintain the broader upside focus, but a breakout opens the door to extend losses towards the November low at 32.562.
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